Update On ElectraMeccanica Litigation Dispute With Tevva
Portfolio Pulse from Benzinga Newsdesk
ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) announced that a complaint filed by Tevva Motors Limited against it has been dismissed by the United States District Court for the District of Arizona due to lack of jurisdiction. Tevva has until November 21, 2023, to file an amended complaint. ElectraMeccanica intends to defend its position and pursue its own legal rights against Tevva, including a demand for payment of approximately $6.1 million of debt owed by Tevva.
November 10, 2023 | 12:17 am
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The dismissal of the complaint against ElectraMeccanica may bring short-term relief to the company. However, the ongoing legal disputes with Tevva could potentially impact the company's financials and reputation.
The dismissal of the complaint is a positive development for ElectraMeccanica, potentially reducing legal costs and risks. However, the ongoing legal disputes, including the demand for payment of a significant debt, could have financial implications for the company and may affect investor sentiment.
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